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Securitizations Net (Tables)
 6 Months Ended
Jun. 30, 2021
Transfers And Servicing [Abstract]  
Summary of Outstanding Balance Net of Discounts and Deals Costs of Securities and Effective Interest Rate

The following table summarizes the outstanding balance, net of discounts and deal costs, of the securities and the effective interest rate for the six months ended June 30, 2021 and 2020 (dollars in thousands):

 

 

Six Months Ended June 30,

 

Securitizations:

 

2021

 

 

2020

 

Securitizations, net

 

$

1,558,163

 

 

$

1,599,719

 

Interest expense

 

 

37,333

 

 

 

37,104

 

Average outstanding balance

 

 

1,545,969

 

 

 

1,565,754

 

Effective interest rate (1)

 

 

4.83

%

 

 

4.74

%

(1)

Represents annualized interest expense divided by average gross outstanding balance and includes average rate of 4.12% and debt issuance cost amortization of 0.71% and average rate of 4.19% and debt issuance cost amortization of 0.55% for the six months ended June 30, 2021 and 2020, respectively.